Southern standard. (McMinnville, Tenn.) 1879-current, 1887-03-12
UsURY.
To the Standard.

To the Standard.
l see that one of your lawmakers
has introduced a bill in thelegislature,
intended, presumably, to punish the
wrongs of your money lenders and
"usurers." ,"Usury!" what a volume
of oppression and Shylockism that
term is to some people! Within this
narrow photographed compass is
contained, for them, the quintessence
of all the meanness and diabolism of
the middle ages, and the greater por-
ton of all the wickedness with which
our own generation is affected. l do
not want to deal in extravaganzas,
but verify believe that at the door
of the interest and usury lawsalready
on your statute books can, in the
main, be laid the fact that in the
commercial procession of the thirty
nine States, Tennessee is found away
back in the rear. True she is enjoy
ing "boom" in iron, coal and other
interests at present, and in spite of
these hostile laws, and it is to be
hoped that she may very soon strip
her neighbor of the proud title she
bears at present, of the Empire State
Of the South" She will do it; no one
who knows the comparative resources
of the two States can doubt it for a
minute, but she will reach the goal
with these inimical legislators giving
her a slap in the face at every
turn.
At no period of the States history,
could broad-minded and liberal legis
Iation have accomplished so much for
her prosperity and good name abroad
as now, when northern and eastern
capital is looking that way for in
vestment. 1t is flowing in now as it
has never done before. The iron and
coal craze, and consequent upon this,
the appreciation in real estate value
invites it, but wait until this pot quits
boiling and settles down to normal
and healthy temperature wait unit
this capital now flowing in one Oh
two channels finds it necessary t.
hunt for new fields and pastures
green, and this evil demon of ar
interest law will turn its course t.
other points Of the compass.
l do not mean to say there should
he no interest law. BY all means lie
there be a rate of interest fixed by
statute, and six per cent. is, perhaps
an equitable rate, but l do say tn
state should not either on grounds o
constitutional right or commercial
eXpediency, put limit to the rate a
which her citizens shall, by contract
loan their capital. Let there be lie
gal rate, Of course, to be resorted t
when none is stipulated, or in doubt
full cases, but to go beyond this ant
say that if Brown, who is willing t
pay ten per cent. for the use of none
shall only pay six, seemsto me reli
of old-fogyism-I will not say barbal
ism-and q disposition to intrench o.
individual prerogatives that is meth
cr warranted by the dictates of CON
mon sense, nor by the spirit Of GU
fundamental law. Let this sam
Brown be told that he cannot hav
the money because senator A an
representative B, for whom he vote
last fall, are opposed to his having
at that rate, they are afraid he is to
much of a sheep's-head to know b
own interests and how to prote,
them, and dollars to dimes thes
fatherly statesmen will stay at HON
next session if he has the "say so.
This foolish limitation comes in a
indirect way as san act of the legisl
ture," or daresay it would lor
since have been relegated, with Il
County Court and one or two 9th
absurdities, to the shelfof relics.
And then it does not accomplis
its purpose. Money is continual